Disappointing results from Brazil meant that Heineken lost some of its fizz in the first half of the year.
The world’s second biggest brewer acquired the Brazilian operations of Kirin, the Japanese beer company, last year for about £870 million in a direct challenge to AB Inbev, the No 1.
Jean-François van Boxmeer, Heineken’s chief executive, said that a “marked acceleration” in volumes at its enlarged Brazilian business had accentuated the impact of margins that were “still below group average”, while it had also suffered a currency hit.
In Britain, beer volumes fell, although its craft beers performed well and cider volumes were up by low single digits. Heineken said that warm summer weather had partially offset the impact of a cold first quarter and